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Boomerang Tube files for Chapter 11 bankruptcy protection

June 9 (Reuters) - Boomerang Tube LLC, a maker of pipes and tubes for oil and natural gas companies, filed for Chapter 11 bankruptcy protection on Tuesday, becoming the latest victim of the slide in oil prices.

The proposed restructuring will convert about $214 million of the company's debt under its term loan into equity, Boomerang Tube said. (http://bit.ly/1KZtE1u)

The reorganized company will also issue $55 million in new debt, the filing said.

St. Louis, Missouri-based Boomerang Tube, which was bought by Access Tubulars LLC in 2008, said it had total assets of about $299 million and total liabilities of about $461 million, as of March 31.

Other companies linked to the oil and gas industry, such as Cal Dive International Inc, BPZ Resources Inc and Quicksilver Resources Inc, have also filed for bankruptcy protection in March.

Global crude oil prices had fallen more than 45 percent since a June 2014 high due to excess supply, weighing on oil and gas companies' cash levels and leading to higher debt.

The case is in U.S. Bankruptcy Court, District of Delaware, Case No:15-11247.